Global Artificial Intelligence (AI) Market was estimated to be USD 50.13 Bn. in 2020, and is expected to reach USD 233.50 Bn. by 2027, registering a CAGR of 26.1%, during the period of 2021-2027.
Artificial Intelligence (AI) Market Overview:
The Global Artificial Intelligence (AI) Market Artificial intelligence (AI) is a branch of computer science that studies and develops computer systems that can do activities that would normally need human intelligence. Companies are working hard to integrate artificial intelligence (AI) technology into their applications, businesses, analytics, and services as the number of businesses and competition grows. Machine learning is gaining traction at an unprecedented rate, particularly in the creation of propensity models. Machine learning-based solutions for online and mobile applications are being introduced by banks and insurance organisations. By anticipating clients' product propensity based on behavioural data, real-time target marketing has been improved even further.
Historical Forecast Period:
Maximize Market Research report presents the analysis of each segment from 2021 to 2027 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2020to 2027.
Artificial Intelligence (AI) Market Overview and Dynamics:
The report covers comprehensive data on market drivers, restraints, emerging trends, and growth opportunities that can change the market dynamics of the end use industry. It provides an in-depth analysis of the Artificial Intelligence (AI) Market segments which include products, applications, and competitor analysis.
During the projected period, the market for Artificial Intelligence will be driven by the expansion of predictive analytics solutions based on AI-based machine learning technology. Predictive modelling is being used by a variety of end-user companies throughout the world for planning and growth in their respective industries. One of the early adopters of predictive analytics systems has been the insurance business. The solutions open up a slew of possibilities for enhancing critical criteria like service and happiness. For example, in March 2021, the Guardian Life Insurance Business of America (Guardian Life) launched a collaborative venture with Atidot, a company that specialises in artificial intelligence and predictive analytics.
Rackspace Technologies, a worldwide multi-cloud computing firm, recently surveyed 1,870 IT leaders from the Americas, Europe, the Middle East, and Asia in a variety of industries, including manufacturing, banking, retail, government, and healthcare. According to the statistics, a third of healthcare IT professionals (32%) aim to employ AI/ML for data analytics, prediction (27%) and business performance prediction (27 percent ).
By 2025, 40 billion intelligent gadgets will perceive and 100 billion connections will exist, according to GIV 2025. The annual storage of data generated as a result of this might reach 180 billion TB, a 20-fold increase over 2020. Furthermore, AI will be adopted by 86 percent of worldwide enterprises, with data utilisation rates reaching 80 percent. The market for AI is being driven by this increase in data production. There has been a tremendous increase in the amount of data generated around the world as a result of increased internet adoption and new technology. Artificial Intelligence is aided by technologies such as the Internet of Things, Industry 4.0, 5G, and others.
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Segmentation:
Software Services, and Hardware make up the Artificial Intelligence (AI) Market. During the projection period, the software service sector will lead the market. Artificial intelligence (AI) is progressively being included into a variety of technology solutions, including fraud detection and digital assistants (bots). The rise of global trade, the growth of big data, and changes in the regulatory landscape are all elements pushing prospects for artificial intelligence solutions in the Fintech sector.
In numerous industries, a considerable volume of non-trivial data is generated, and businesses are challenging to handle it due to unstructured data and regulatory difficulties. To plan future activities, these issues must be monitored and studied. AI technologies enable businesses to gain a better understanding of their compliance and data management issues. Software tools assist in the deployment of AI-enabled solutions for the removal of massive amounts of data as well as correct and complete data in a timely manner. AI-based solutions are becoming increasingly popular among businesses. Furthermore, numerous industries are seeing a significant surge in the number of startups. These newcomers are particularly interested in using AI to automate and expand their enterprises.
There is a noticeable growth in demand for AI-based services, with hardware functioning as a differentiation. Semiconductor businesses that specialise in AI are projected to see increased demand for their current chips, but they could also profit by creating unique technologies such as workload-specific AI accelerators. Businesses have a pressing need to use AI to accelerate their digital transformation and gain access to larger data collections. To break past traditional data storage performance and scale barriers, AI data pipelines must be simplified to meet developing and dynamic business needs.
Semiconductor businesses were able to capture 40% to 50% of the entire value of a technology stack by using AI to develop next-generation accelerator architectures that would allow them to boost computational efficiency. Specialized memory for AI, for example, has 4-5 times the bandwidth of normal memory, making it suited for managing the massive amounts of big data required by AI applications.
BFSI, Fashion and Retail, Healthcare and Life Sciences, Manufacturing, Automotive, Aerospace and Defense, Construction, and Others make up the Artificial Intelligence (AI) Market. Fashion and retail account for the largest share of the market.
AI technology has become more widely used in the BFSI industry in recent years to improve operational efficiency and provide better customer experiences. AI is ushering in a slew of new developments, and this trend will continue throughout the projection period. Bots and digital help, fully managed machine learning services, and cognitive computing APIs are some of the most common AI services. AI is mostly employed in the financial services business for chatbots, algorithmic trading, fraud detection, and consumer recommendation. Chatbots are being used by banks like RBS, and this is likely to encourage more financial organisations to do the same.
Key Players:
• IBM Corporation
• Intel Corporation
• Microsoft Corporation
• Google LLC
• Amazon Web Services Inc.
• Oracle Corporation
• Salesforce.com Inc.
• SAP SE
• SAS Institute Inc.
• Cisco Systems Inc.
• Siemens SE
• NVIDIA Corporation
• Zebra Medical Vision Inc.
Regional Analysis:
Regional analysis is another highly comprehensive part of the research and analysis study of the Artificial Intelligence (AI) Market presented in the MMR report. Local development plans are often affected by the performance of Artificial Intelligence (AI) market. Our report briefly explains all the factors, market size, growth rate, import and export in regions covering North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. This research has provided market trends, key opportunities, factors affecting of particular regions, to examine the global and domestic Artificial Intelligence (AI) market and these findings have been strategically presented in the report.
Competition Landscape:
Most of the key players present in the Artificial Intelligence (AI) Market are focusing on mergers and acquisitions to expand their geographic presence and gain a competitive edge. Meanwhile, some of the other players are updating their existing product portfolios and adding innovative screens to keep up with the high consumer demand and generate more sales.
Key questions answered in Artificial Intelligence (AI) Market report
- What was the market size of Artificial Intelligence (AI) Market in 2020 and forecast up to 2027?
- Which is the largest regional Artificial Intelligence (AI) Market?
- What are the major trends followed in Artificial Intelligence (AI) Market across different regions?
- Who is the key Artificial Intelligence (AI) Market companies leading the market?
- What are the key strategies adopted by the leading Artificial Intelligence (AI) Market companies in market?
- Unique data points of this report
- Statistics on Artificial Intelligence (AI) Market penetration and spending worldwide
- Recent trends across different regions in terms of adoption of Artificial Intelligence (AI) Market for various end-use.
- Notable developments going on in Artificial Intelligence (AI) Market
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2020 (actual) and 2027 (forecast)
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